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You work for an unemployment agency that distributes unemployment checks to unemployed workers in your state. Your boss recently learned that the president proposed a 21 percent increase in the minimum wage, and she wants you to provide her with an estimate of the number of additional workers who will file for unemployment compensation claims next year if the bill passes.
(i) Based on library research at a nearby university, you learn that about 200,000 workers in your state earn at or below the current minimum wage.
(ii) Further library research turns up a study that reports the own price elasticity of demand for minimum wage earners to be -0.30. This is how sensitive the demand for minimum wage workers is to a change in the minimum wage.
Based on your findings, how many additional workers do you think will file unemployment claims in your state? Please explain and show your calculations.
(You will have to calculate the percent change in demand for minimum wage workers and then calculate the change in employment of minimum wage workers and therefore the change unemployment claims).
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